Here in Canada the Revenue Agency stipulates that all corporations operating as a Canadian business entity must file taxes every tax season. The exception to this rule are Crown corporations and charities that reside solely in this country. All others are obligated to file a T2 even those corporations that fall into the following categories:
- Non-profit organizations
- Tax-exempt corporations; and
- Inactive corporations
Envolta exists as a Brampton tax preparation, accounting firm to provide tax preparation service specifically to businesses that operate in the surrounding Toronto and Brampton areas. When we take on the role of a corporate tax accountant we make sure that all your tax information is correct and viable before filing it no later than six months after the new tax season has ended. The rule for filing T2’s is very specific and state that all filings must be made no later than the last day of the month for a given tax year.
However, if the last day of the tax year is not at the end of a given month, the six month period begins on that date. For instance, when the tax year ends on the 31st of December the corporation is obligated to file not later than the 30th of June within that fiscal year. Furthermore, The CRA expects payment of taxes owed no later than 90 days past the due date. In this example the 31st of March. Penalties will apply for any late payments, this include interest.